3 Things You Should Know About Small Business: Dec. 3
NEW YORK (TheStreet) -- What's happening in small business today?
1. Warren Buffett weighs in on small business. Aspiring entrepreneurs who were a part of the Goldman Sachs Foundation's "10,000 Small Businesses" program got a chance to hear words of wisdom from billionaire investor Warren Buffett, CEO of Berkshire Hathaway (BRK.A) at a community college in Cleveland last week. Buffett sits on the advisory council to the Goldman Sachs program. The Oracle of Omaha, known for his shrewd business acumen, said the key to success is satisfied customers, according to The Cleveland Plain Dealer.
2. Grocer gives store to employees. A retiring grocery store owner in Minnesota is giving his 400 employees ownership of his three stores. Owner Joe Lueken, 70, chose not to accept any offers to sell to large national chains, but will transfer ownership to employees in an employee stock ownership plan, according to the Minneapolis Star Tribune.
Lueken says the decision will be better for his family, for the business and for the community.
"My employees are largely responsible for any success I've had, and they deserve to get some of the benefits of that," Lueken tells the Tribune. "You can't always take. You also have to give back."
The Lueken family will be paid off from the program in three to five years. Employees will be allotted shares based on longevity of service and salary. The shares will not cost anything to buy.
The idea grew out of discussions between Lueken and his sons, who are located elsewhere and are not interested in taking over the business.
"The whole move revolves around people, not things or money," says Jeff Lueken. "It's about allowing people to grow with the business and send their kids to college and have a great retirement, and even to express themselves at work."
3. The Small Business Administration is counseling businesses affected by the NHL lockout. With the National Hockey League lockout approaching its fourth month and small businesses across the country on ice, the U.S. Small Business Administration is prepared to help. In the 23 cities that host NHL teams, SBA representatives will be reaching out over the coming weeks to business owners to provide counseling sessions and help businesses work through this difficult time.